FIRST ANmiAL REPORT OP THE PRESIDENT AND DIRECTORS ^,> OF %\t l^lkmarle if %sapeak CANAL COMPANY. OFFICE. No. 34 West Main Street NORFOLK, Va ottbt ®mbersiitj) of jaortj Carolina Cf)i2! ftoofe toaiS pregenteti /^ ^3 8t,.<a.6L^a.p. iSS'o ^ P Ql i hwo . Itouu^ii^ t/'^k FIRST ANNUAL REPOET OF THE PEESIDENT AND DIRECTORS OF W^t l^lfemarfe # Cljesaj^eak CANAL COMPANY. THE STOCKHOLDERS git t^rir (General Petting, ^tlb at ^^orfolk. DECEMBER 2, 185G. N K F L K, Y a. I Digitized by tine Internet Arciiive in 2009 witii funding from Ensuring Democracy tiirougii Digital Access (NC-LSTA) http://www.archive.org/details/annualreportofpr1856albe jtocklolte' lllcttiiig. The Annual Meeting of the Stockholders of the Albemarle and Chesapeake Canal Compani/, was hekl at their office, at Norfolk_, at noon, on Tuesday, 2cl December, 1856. On motion, T. L. Smnner, Esq., was called to the chair, and A. M. Burt appointed Secretary, On motion, the Chairman appointed Messrs. Burt and Parksj a Committee to examine proxies, and ascertain the amount of stock represented in the meeting. The Committee reported: Whole number of Shares, ----- 5449 Entitled to .-.-.. 1852 TOtes. Whole number of Shares representeil, - - - 4433 Entitled to ------- 1250 votes On motion, the Report of the Committee was adopted. The President submitted the First Annual Report of the President and Directors to the Stockholders, with accom- panying documents. The report was accepted and ordered to be printed. The following Resolution was unanimously adopted : Eesoloed, That the Act of the General Assembly of Virginia, passed 27th Febru- ary, 1856, entitled, "An Act to give greater uniformity to the Charters of The Great Bridge Lumber and Canal Company, granted by North Carolina and Virginia," be accepted and adopted, and that the change of name of the Company and all other acts and proceedings of the Board under and by Virtue of said Act are hereby ratified and confirmed. The following was also unanimousl}^ adopted: Resolved, That the number of Directors now 'to bo elected for the ensuing year shall be nine; but that the number to be elected at next annual meeting shall be five, unless tbe meeting shall at that time resolve to elect a different number. The meeting then proceeded to vote by ballot for Presi- dent of the Company for the ensuing year. On counting the votes, it was found that all votes cast, being twelve hundred and fifty in number, were for Marshall Parks, who was thereupon declared unanimously elected. The meeting then proceeded to vote by ballot for nine Directors for the ensuing year. On counting the votes, it was found that all the votes cast, twelve hundred and fifty .•m't4 in number, were for the following gentlemen, wlio were thereupon declared duly elected^ viz: T. L. SKINNER, of N. G. A. M. BURT, of New York. B.T.SIMMONS, " THOS. V. WEBB, ofVa. MILLS ROBERTS, " JAMES GORDON, " EDMUND SIMMONS, " .T. GARY WESTON. '* JAS. G. JOHNSTON, " The following Kesolution was adopted: Besolved, That the next Annual Meeting of the Stockholders, be held on the Wednesday of the week of the Fair of the Seaboard Agricultural Society, if the same be held during the month of November, 1857; if not, then upon the second Wednesday of that month. On motion, the meeting adjourned. T. L. Skinner, Chairman. A. M. Burt, Secretary. tpcrt* The Board of Directors of the Albemarle and Chesapeake Canal Company^ respectfully report to the Stockholders as follows : The surveys for the Company's Canal were commenced in July, 1855, and the line was finally located early in the Spring of 1856. The line of Canal^ as finally adopted, is in length as fol- lows : In North Carolina, 5,65 miles. In Virginia, 8.45 " Making a total of. 14.10 miles. which is the length of independent Canal, exclusive of the contemplated improvement of the natural water courses con- nected by the Canals. The whole of the Virginia line, and the greater part of the North Carolina line, lie through a very loiu sioamp and marshy country^ mostly under water at all times. The con- struction of the Canal, therefore, could only be successfully prosecuted by the use of Steam Under- Water Excavators or Dredges. Indeed, it is very doubtful whether it would have y been profitable to do the work by any other means. Accord- ingly the energetic contractors, Messrs. Courtright, Bar- ton & Co., have already placed upon the line seven of these costly machines, and are now building two more of greatly increased power, which will be in operation during the pres- ent month. There will then be nine steam dredges at work on the line, distributed as follows: 6 On the North Carolina Section, 2 North Landing, East End of Virginia Section 2 Old's Point, Middle of Virginia Section, 2 Great Bridge, West End of Virginia Section 2 LockpTt, below Great Bridge, 1 9 • The commencement of the work was very much delayed by the prevalence of yellow fever last year at Norfolk and Portsmouth. By reason of this delay, the contractors had not sufficient time to give their men the practicable ex- perience in working the dredges necessary to their successful operation. The consequence was, that during the sickly months of this season, a sufficient number of experienced men could not be obtained to work the machines ; the work, therefore, progressed quite slowly, and at a great sacrifice on the part of the contractors, who resolved to continue the work, even at a temporary Ic^"-'. Another great and unex- pected obstacle to the progress of the work heretofore, has been the large number of cypress stumps and logs which have been encountered in the excavation, and which, being entirely under water_, were very difficult to remove. These appear to be most abundant upon the margins of the streams, and will probably be less frequent as the dredges leave the rivers. By experience, also^ tlie workmen have become bet- ter informed in the management of tliese obstructions, and in future less delay is anticipated from this cause. Up to the present time, six of the dredges have been em- ployed excavating Canal^ and the seventh in digging the pit for the Lock. The first dredge commenced work on the 13th of February last ; the sixth one about the 1st of May last ; and the average time the dredges have worked is about seven months. The length of Canal completed at the different points on the line amounts to two miles. CURRITUCK COUNTY, N. C. The two dredges em})loyed u})on this section, beginning at Cedar Bay, in Currituck Sound, have completed a chan- nel through Long Point (Piney Island) to Coinjock Bay^ and thence crossing the Road leading to Church's Island, are now rapidly approaching the County Road to Powell's Point. It is expected that they will cross this road by the 1st of March next, and that within the ensuing year, the entire Canal across this peninsula will be completed. PRINCESS ANNE COUNTY, Va. The two Dredges employed at North Landing, in this County, were the first that were put in operation on the whole line ; they have met with great and unforseen delays in con- sequence of cypress stumps, roots and sunken logs. Neverthe- less, they have made very gratifying progress, and now that the men have become more familiar with their work, we per- ceive no reason why their progress should not be more rapid than heretofore. These machines have thus far had to work on, or near the Creek, which forms the head waters of the North Landing River, but, as they are now about to deflect from the stream, we expect them to meet with fewer obsta- cles and delays. NORFOLK COUNTY, Va. 1. Great Bridge. There are also two Dredges employed at this point. Here, also, great and vexatious delays have occurred from cypress stumps, &c. Beside this, operations here were com- menced at so late a period, that not much progress could be made previous to the sickly season, which caused consider- able delay also ; upon this account, it would undoubtedly have been economy, on the part of the contractors, tempora- rily, to have suspended the work at this point ; but not to give the enemies of the work even a pretext for exultation, they determined to continue it, even at a great loss to them- selves. The Board of Direction feel that they cannot too highly estimate this spirit on the part of the Contractors. The work is now being vigorously prosecuted, and, for reasons before stated, is expected to go forward with rapid- ity. 8 2. The Ship Lock. The locality of this Lock is at the junction of the Canal with the Elizabeth River, about three- fourths of a mile below Grreat Bridge. The Lock is to be 220 feet long by 40 feet wide, in the clear ; and the founda- tion is to be placed sufficiently low to give a draft of 8 feet water. I^^This Lock, when completed, will be the largest on tlie Atlantic Coast and among the largest in the United States. Steam Propellors carrying 500 tons cargo may pass easily. One Steam Excavator is employed in excavating the pit of the Lock. About one-half of the excavation is noAv com- pleted. A large and powerful Pump, and two Steam En- gines — one for the Pump, and the other for the Pile-Driver — have been provided. The Stone are mostly dressed, and about three-fifths de- livered on the work. The Piles and Foundation Timbers are mostly out and ready for delivery. o. Old's Point. Midway on the line of the Virginia Canal, in the swamp, preparations are noAv making for putting in operation tioo larger and more poioerfid Dredges. The distance now remaining on the Virginia line, between the foremost Dredge at Great Bridge, and the foremost one at North Landing, is 7im miles. These two neAv machines are intended^ one to work each way from this point, and to work upon the same side of Canal as those two foremost Dredges, tlius making four Dredges all at work upon the same side of the Canal. Thus it will be seen, that each of the four will have only about If miles to excavate in order to effect a union between the waters ol" North and Elizabeth Eivers. From tlie Statement of the Tieasurer, it will be seen that the amount of capital stock subs(;ribed is as follows : By the County of Currituck, M4,000 By individuals, 504,500 $548,500 Leaving unsubscribed, 251,500 Capital Stock, $80e,000 9 There has been received in cash for stock paid up in full, and in labor, materials and county bonds, the sum of $134,900 00 Instalments on account stock not paid up in full 7,930 07 $142,830,07 The expenditures and liabilities of the Company for the fiscal year ending 30th Sept. were as follows: viz. Construction, $80,000 00 Engineers, 9,382 41 Office, 486 34 Contingent 3,829 84 Land Damages, 183 65 Property, Steam Excavators, &c 63,000 00 Commission, 1,800 00 $158,582 24 Since your last annual meeting, the General Assembly of Virginia has passed an Act authorizing the change of the name of the Company, from "The Great Bridge Lumber and Canal Company," to^ "The Albemarle and Chesapeake Canal Company" ; and as the Act of North Carolina had already conferred the necessary authority, the change was at once made. The Act also conferred upon the Company certain additional powers, which were deemed necessary to accomplish the purpose expressed in the title of the Act, which is as follows: "An Act to give greater uniformity to the Charters of the Great Bridge Lumber and Canal Com- pany granted by North Carolina and Vrginia." The said Act was passed February 27th, 1856, and a coi3y thereof is to be found in the Acts of Assembly, passed in 1855-56, page 113. Respectfully Submitted^, By order of the Board, MARSHALL PARKS, j .; President. m UNIVERSITY OF N.C. AT CHAPEL HILL 00032731027 This book must not be taken from the Library building.